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Cyber Risk

May 28, 2018
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Business Insurance Cyber Insurance Commercial Property Owners Insurance

How to Protect Your Business from Cyber Risk

Small businesses are just as vulnerable to cyber risk as are the world's industrial titans. In fact, given today's globally connected online environment, small businesses face more cyber threats than any other group. Unfortunately, these cyber attacks are on the rise, since they gain more sophistication with every new technological breakthrough.

Individuals and businesses need to take precautions now to minimise the chance of cyber threats. Here are some ways to protect both home and business from the growing threat of cyber risks.

Cyber Risk Protection Checklist

Update passwords:

Don't use the same password for every account. Mix letters and symbols, switching symbols with letters; for example, '$#ogun' instead of 'Shogun.' Use inventive spelling. Combine languages. Never use numbers and letters in sequence, such as 'abcde' or '54321.' In a similar vein, don't use generic words like 'password' or 'passcode'. People who have difficulty remembering passwords can find an app or software tool, called a password manager, that will store passwords securely and generate them as needed.

Strengthen the security system:

Upgrade to a higher level of anti-virus software. Update it frequently to keep it current. Turn off any unnecessary services. Use two-factor authentication whenever possible for social media and other online accounts. The stronger the online security, the better the chance to avert cyber risk.

Have a backup system:

Consider cloud storage, an off-site service, or even a portable hard drive to back up files. Back up the files frequently to ensure less lost data in case of a breach.

Use patches to update your security system:

It doesn't take much for a hacker to discover a vulnerability. Run security scans often to reduce the risk of cybercrime. Whenever a new patch comes in, update the system as soon as possible.

Use egress filtering:

Egress filtering keeps unauthorised, sensitive data and malicious software‚ should a device become infected‚ from leaving the home or business network.

Be aware:

Make sure that family members and employees are informed and proactive about security. Educate them about phishing and other scams that look like legitimate emails and phone calls, yet are actually ploys scammers use to get security credentials and other personal and corporate data. Don't leave lists of passwords, documents with sensitive data, or credit cards lying around.

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Encrypt data:

Even if a hacker doesn't know a device's sign-on password, they can break into its files with a thumb drive and a little know-how. Protect all of the device's files from this insidious cyber risk with encryption software.

Get help:

If something does go wrong, consult an information technology (IT) professional. Dealing with ransomware and viruses isn't a DIY project. Consult an expert.

Get cyber insurance:

Protect both home and business from all types of cyber risk with an insurance policy tailored to their needs. Cyber liability insurance, too, may be a good idea, particularly if the business deals with its customers' sensitive data.

Reduce Your Risk of Cyber Threats with the Right Policy

Find a trustworthy insurance broker that's knowledgeable about cyber risk and how to best protect both home and business from dangers online. Find a trusted, experienced insurance broker on Advisr today.

cyber risk

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Andy Jamieson, ABN 17 613 588 266